Ditch the Resolution: Do a Year-End Review Instead

Here is a better idea for your financial life: Before you look forward, look backward.

In performing an annual spending review, one thing will probably jump out at you: The sheer number of expenses that were totally unplanned and unforeseen. Shutterstock

NEW YORK—It is hardly a secret that people rarely stick to New Year’s resolutions—only about 8 percent of people actually make it to the finish line with their goals, according to studies from the University of Scranton, in Pennsylvania.

So here is a better idea for your financial life: Before you look forward, look backward.